The Road to Rebirth Finance

Chapter 457 Resumption of Subscription
At three o'clock in the afternoon, the Shanghai and Shenzhen stock markets officially ended trading. At the end of the day, the Shanghai Composite Index fell by 0.2%, and the ChiNext Index rose slightly by 0.3%.

While trading calmly throughout the day, Big A set a new record today. The Shanghai Composite Index only traded 968 billion yuan throughout the day, the lowest trading volume in 32 months!
The last time the Shanghai Composite Index’s daily turnover was less than 2016 billion yuan was after New Year’s Day in 700. At that time, due to the circuit breaker, the daily turnover of the Shanghai Composite Index was only more than [-] billion yuan when the trading time was insufficient.

However, this is only a special case. At that time, the trading volume of the A-share market and the two markets was quite considerable. As it is now, the daily trading volume is maintained at a level of around 2013 billion, which dates back to 2014 and [-].

In fact, the current trading volume is already in the bottom area, and today's full-day trading volume is less than [-] billion yuan, which has further triggered a big discussion on the bottom in the market.

Numerous opinions believe that this position is already the bottom of A shares, and it is completely feasible to buy the bottom at this position.

Investors who still have a surplus in their hands to buy bottoms are also starting to move around after today, ready to look for an opportunity to make a big bottom-hunting.exist
And in the evening, a fund announcement at the same time as the net value of Junshi Investment was updated, which pushed the discussion on the bottom to a new height.

On September 9, Junshi Fund issued an announcement that its Junshi Price and Value Mixed Growth (11) will start from September 125700, and the subscription quota will return to normal.

The large-amount purchase quota has been adjusted from the previous single-day single account not exceeding 1000 yuan to the single-day single account not exceeding 200 million yuan.

As the No. 1 historical riser in the public offering fund industry, Gu Junhao, the fund manager of Junshi Price Investment, has always attracted the market's attention.

In just over four years, Gu Junhao has made the leap from an ordinary retail investor to a private equity fund manager and then to a public fund manager. His legendary experience is talked about by investors.

In less than five years, whether it was the rhetoric when the retail investors opened a post on Taogu Bar, or the establishment of private equity and transformation to public equity; the whole process has been accompanied by unfavorable voices.

However, along the way, Gu Junhao slapped those people who were not optimistic with his solid achievements. As a result, his net worth skyrocketed and he entered the top of the rich list.

A series of achievements and constantly refreshed performance can be called the protagonist of the cool article.

Since the end of November 2017, after Gu Junhao adjusted the daily subscription quota of Junshi Investment to 11 yuan, the Shanghai Composite Index fell by nearly 1000 points in nine and a half months.

In the past nine and a half months, the Shanghai and Shenzhen stock markets did not fail to rebound; however, Gu Junhao remained unmoved in the face of calls from investors to let go of subscriptions.

To this day, the decline of the market has also proved Gu Junhao's judgment. What he didn't understand at the beginning has gradually evolved into worship.

The limit is to protect investors and allow investors to avoid losses caused by high positions. In a market that cannot be short-speaking, this is the biggest bottom line that a fund manager can do.

What's more, Gu Junhao directly lowered the single-day limit of Junshi Investment to 1000 yuan at one time, which has almost completely blocked the possibility of increasing the scale of his own fund.

It cannot be said that it has become a closed-end fund, but the difference is not too big. The loss caused by this to the performance of Junshi Fund is very large.

After all, unlike private equity funds, public funds can increase their dividends by a large proportion, and their main performance comes from the collection of management fees. Without scale, there are no management fees.

And just today, Gu Junhao released the subscription limit of Jun Real Price Investment all at once!

One stone hits a thousand waves!

"Fuck! Is the bottom really here? Brother T let go of the purchase! Brothers, go!"

"Hahahaha, I finally waited until this moment. Brother T, I didn't understand what was going on when I first started the limit. After falling for a month, I realized that it was bearish. I cleared it at that time, so let it go now. Subscription, that means brother T is starting to see too much!"

"You're from Jin Province upstairs, you laugh four times, but you're right, brother T seems to be starting to watch too much!"

"Come on! Brother T has let go of the limit, and he has just redeemed the wealth management, and next Monday will be able to apply for purchase. This time, I want stud!"

"I don't know which sectors Brother T will stud. I can also buy some stocks. It doesn't feel too exciting to only play funds."

"It's not easy. You will know after the National Day. The third quarter will end soon. If Brother T wants to open a position, he will start to build a position around this month."

"Then what if Brother T reduces his position? Then he will switch to another board."

"You are an idiot, Brother T has released the limit, and he will definitely not run away after only a few months. It will not be a wave of money in this circle, and it will be closed after a month or two. The market will definitely continue. For a while."

"In fact, today's trading volume is almost at the bottom. The Shanghai Stock Exchange is less than 1000 billion a day. It is understandable for Brother T to relax the limit."

On September 9, the concept stocks of generic drugs suffered a severe setback. Baima shares and Kezhi collectively fell, Dahua Group fell by nearly 12%, Haikang shares fell by 9%, Huadong shares, Aier shares, etc. all suffered heavy setbacks.

At two o'clock in the afternoon, Zhongguo Software plunged nearly 4%, and the white horse stocks, technology stocks, and pharmaceutical stocks fell sharply, causing the Shanghai Composite Index to hit a new low today.

The intraday low of 2647.11 points is already close to the low of 2638 points when the circuit breaker occurred.

During the period of bottoming out in the second half of 2018, the most interesting market trend was probably the market of one white horse stock offering sacrifices to the sky every day.

No one knows when it will be their turn, just like opening a blind box in later generations.

However, today's trading volume is still not enlarged. Compared with yesterday's trading volume of 968 billion yuan, today's Shanghai Stock Exchange traded only 934.5 billion yuan throughout the day, setting a new low just like the index.

The immeasurable decline also seems to indicate that the market is really going to stop falling. Combined with the announcement of the lifting of the limit issued by Jun Shishi Investment last night, some fans of Gu Junhao have become more determined in their original idea of ​​​​hunting the bottom.

It's just that investors don't have a clue as to which sector to buy the bottom of. Today's market is like a headless chicken, and there is no main line of the market.

Since Dongfang Fortune’s lower limit on September 9, the stock price has fallen below 10 yuan to 11 yuan today. Although it has not received red for two consecutive trading days, compared with the opening price, the closing price is still higher.

The trend of the two false positive cross lines, with a trading volume of about 10 billion yuan, can already explain some problems. There are funds starting to buy Dongfang's wealth at the bottom.

Today, Gu Junhao has returned to the trading room, and the opening of Dongfang Fortune and Tong Huashun has also been put on the agenda.

Compared with Dongfang Fortune, Tong Huashun's transaction volume has really fallen to the bottom. Today, Tong Huashun only sold 4730 million yuan in the whole day.

The transaction volume of less than 5000 million yuan seems to have returned to the time in 2014 when Gu Junhao used 800 million financing funds to build a warehouse.

Dongfang Wealth has returned to the 10 yuan range. Although Tong Huashun’s price is higher than when it was ex-rights in 2014, the trading volume has returned to that time period.

In five years, one round of bull market, one round of bear market, the stock market returned to the original point, as if nothing had changed. This is probably the tragedy of A-shares.

Compared with Dongfang Fortune's trading volume, Tong Huashun's task of building a warehouse is much more difficult. According to the current amount, it is not bad to be able to buy 200 million yuan a day.

But don't worry, Junshi has a lot of money now, such as Tong Huashun, a high-quality growth stock with low trading volume, the trading volume lasts for a month or two, but it is better, and it can collect more low-level chips.

In the last two days of this week, the trading volume of the Shanghai Composite Index has increased, and finally recovered to above 1000 billion yuan. The index finally returned to above the 9-day line on Friday, September 14, at 2681.64 points.

Technology stocks and software stocks fell again in the last two trading days, which may have something to do with Junshi's position adjustment.

In order to re-allocate the positions, Junshi's three major trading teams began to operate at full capacity after Gu Junhao's order was issued to re-plan the positions.

With so many stocks in the whole market, it is impossible and impossible to buy a large number of all high-quality stocks, so there must be a certain trade-off.

For example, among semiconductors, chips, and pharmaceuticals, be aware that some individual stocks will be abandoned, and there is no way around this.

With the current market volume, if Junshi wants to adjust its positions on a large scale, some sectors will still be affected to a certain extent.

However, Junshi has not yet opened a position in the liquor sector, and the liquor sector has only just begun to drop. Gu Junhao decided to start building a position in October.

On the one hand, Manager Jiangxiang didn't want the market to guess his intentions when the position appeared in the third quarter of October.

At least, Maotai’s lower limit in memory has not yet happened, and Maotai’s stock price has also remained above 600 yuan. On September 9, Maotai closed at 14 yuan.

Near 500 yuan, there is still a drop of nearly 30%. For the liquor sector with sufficient trading volume, there is no need to open a position in advance.

Maotai is the weathervane of baijiu. If it rebounds when it falls, then the baijiu will basically bottom out. Gu Junhao only needs to watch whether Maotai falls to the limit.

On the day of the lower limit, no matter what the stock price is, it is the time to open a position.

This week's plunge in technology stocks has seriously hurt market sentiment. The three major indexes have all hit new lows for the year for a week, and the trading volume is also extremely sluggish.

The central bank has been operating in the open market for eight consecutive weeks, and its net investment has frequently hit new highs. However, the capital market is still not satisfactory.

On Friday, Mindray Co., Ltd. disclosed a letter of intent for an IPO. The company intends to issue 1.216 million new shares to the public and raise funds of 57.5 billion yuan. The expected date of issuance is September 9.

If Mindray shares can finally be raised enough, it will surpass Ning Wang's 54.6 billion yuan, setting a new record for the scale of a single IPO on the GEM.

The trading volume is sluggish, MY frictions are repeated, and the largest single fund raising on the ChiNext this year hits. The weekend market is still full of all kinds of bad news.

However, Gu Junhao doesn't think so. In most cases, when a large IPO or a star stock in the market is IPO, the index will be raised to some extent.

It makes sense, everyone understands it.

Mindray is also a [-]-fold stock. This time, Junshi Capital also participated in the offline fundraising in the secondary market, but it is destined to not get much share.

If you want to get more chips, you still have to increase your holdings in the secondary market.
-
As soon as midnight on September 9th, Jun Shishi officially resumed the upper limit of subscription, and some night owls have already started to place orders.

As of the close of trading on September 9, the net value of Jun Shit Price Investment has fallen to 14, a 2.2418% retracement from last month.

Although the net worth is still retreating, and the weekend is full of negative news, there are still many investors placing orders after midnight.

Judging the overall situation in the past, the appeal of ace fund managers is still the same as before.

"Haha, the order is ready, brothers, this time I will take in 100 million yuan, I won't buy stocks, and I will hold on to this in the future, and I won't speculate in stocks,"

"I went, but I didn't expect that he was still a rich man. There are so many rich people, and there is still so much money to cover positions at this time."

"What kind of position do you want to replenish? This is what I earned from buying Tonghuashun and Longji shares with Brother T. After a period of time after Brother T's limit, I cleared the position, and then I haven't played for a whole year."

"Niubi, brother, I have escaped the 9-month crash, and this time I am asking you to buy the bottom. Are you Brother T's own son?"

"Damn, I want to recognize my adoptive father, but the problem is that I don't have such a chance."

"I also bought 10 for this one, and that's it. Leave the money to Brother T to take care of it. I don't have the patience to do any more stocks. I've lost money this year to the point of vomiting blood."

"Your studs are really good. I plan to make a regular investment and buy a little every day and every month. In fact, it doesn't mean much to me whether there is a limit or not. I buy 100 yuan a day, haha."

The lifting of the quota made Junshi Fund's comment area very lively in the middle of the night, and most of them were touting. After all, few people who were trapped were still in the mood to curse people in the middle of the night.

Those who bought at the top, after the purchase restriction was lifted, although they were still uneasy, they finally breathed a sigh of relief. At least they saw a large number of purchase screenshots in the comment area, which means that Junshi has money to add warehouse.

Untangle, hopeful!

After going to work in the morning, Liu Tingting checked the background data of Junshi Investment for the first time, and the purchase figures made her both painful and happy.

I am happy because the data is very good. Although it is in a bear market, there are indeed a lot of rich people, and the amount of buying is really a lot.

The painful thing is that since tomorrow, the trading team has been busy, and it has been a long time since I felt this kind of chasing and increasing positions.

After Gu Junhao came to the trading room, Liu Tingting immediately reported the good news: "Boss, last night's purchase data is very good, and it is probably even better during the day."

"Oh? Yes, as long as the data is good, but you are busy, haha."

"Yeah, I'm going to increase my position starting tomorrow, it's a headache."

"It's okay, just go to Ningwangli. Anyway, just keep 10% of the position. The rest can be slowly added to Dongcai and Tonghuashunli. If it doesn't work, add it to medicine."

"Okay, the main feature is King Ning, who is full of studs, right? Haha, it's a pity that we can't add China-Singapore Communications."

"There is no need to add China-Singapore Communications, King Jia Ning is fine, but how much you add, you have to check the data with Ruoyu and Xiao Xu every day, don't get it and raise your card again."

"Okay, I understand that."

Since the hot money ran away in July, Sino-Singapore Communications has experienced more than half a month of adjustments, and its stock price has bottomed out and rebounded in August.

During the round of bottoming, the lowest price at the bottom of Sino-Singapore Communications was 12.85 yuan, and then the stock price rose slowly all the way up to 19.64 yuan.

The closing price of Sino-Singapore Communications last Friday was 18.34 yuan, with a market value of 877 billion yuan. The second round of bottoming has been completed, and the best time to increase positions is not now.

On September 9, due to the negative factors of the weekend, both the Shanghai and Shenzhen stock markets gapped and opened lower. The Shanghai Composite Index fell 17% throughout the day, and the ChiNext Index fell 1.11%, hitting a low of 1.23 points.

There are still no bright spots in the two cities throughout the day. More than 63.71% of the stocks are in the green market. Ning Wang’s stock price closed at 20 yuan today, barely holding the 4.61-day line since the rebound. Second lowest volume.

When the Shanghai Composite Index fell below the 5-day line again and the GEM hit a new low, Junshishi ended the first trading day after it resumed the limit.

At 09:30 that night, Junshishi updated the latest net value: 2.2198 (-0.99%).

(End of this chapter)